A son of tycoon Lucio Tan was appointed as the new president of PAL Holdings Inc., the parent firm of the country’s flag carrier.
PAL said in a statement the younger Tan was appointed as president of PAL Holdings, after the resignation of Gilbert Santa Maria.
Sta. Maria, however, will remain as president and chief operating officer of PAL, the operating unit.
“At PAL’s regular monthly board meeting held on Oct. 28, Santa Maria presented his 90-day report on PAL and his turnaround plan for the airline for implementation beginning 2020,” PAL said.
His presentation was well-received by the members of the board and chairman Lucio Tan.
Santa Maria earlier said the flag carrier would embark on digital transformation to ensure that the airline’s needs would be met by the most ideal technology solutions”•a move seen to pave the way for the company’s right-sizing and return to profitability.
PAL executive vice president for treasury, treasurer and chief administrative officer Vivienne Tan, along with Santa Maria and his team, mapped out strategies to reduce costs, enhance customer experience and increase revenues.
PAL Holdings, the parent firm of PAL, earlier posted a net loss of P3.01 billion in the first half, wider than the P661.56-million loss in the same period last year.
Consolidated revenues in six-month period increased 8.6 percent to P81.25 billion from P74.85 billion a year ago, on the back of more flights and passengers.
Japan’s ANA Holdings Inc., the Japanese parent company of All Nippon Airways, invested $95 million for a 9.5-percent stake in PAL Holdings.
ANA HD acquired the shares from Trustmark Holdings Corp. which is owned by the Tan family.